v3.26.1
Indebtedness (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Our outstanding indebtedness as of June 30, 2026 and December 31, 2025 is summarized below:
Number of
PropertiesPrincipalInterest
Carrying Value
EntitySecured ByBalance
Rate (1)
TypeMaturity
of Collateral
As of June 30, 2026
ILPT186$650,000 4.31%Fixed02/07/2029$492,224 
ILPT1011,160,000 6.40%Fixed07/09/2030950,265 
ILPT
17700,000 4.42%Fixed03/09/2032473,773 
Mountain JV491,000 6.25%Fixed06/10/2030171,261 
Mountain JV901,620,000 5.71%Fixed05/11/20312,338,231 
Total / weighted average4,221,000 5.48%$4,425,754 
Unamortized debt issuance costs(37,251)
Total indebtedness, net$4,183,749 
As of December 31, 2025
ILPT186$650,000 4.31%Fixed02/07/2029$489,987 
ILPT1011,160,000 6.40%Fixed07/09/2030976,178 
ILPT17700,000 4.42%Fixed03/09/2032481,374 
Mountain JV821,400,000 5.87%Floating03/09/20261,749,546 
Mountain JV491,000 6.25%Fixed06/10/2030173,992 
Mountain JV18,609 3.67%Fixed05/01/203128,492 
Mountain JV110,302 4.14%Fixed07/01/203240,975 
Mountain JV123,678 4.02%Fixed10/01/203380,094 
Mountain JV133,209 4.13%Fixed11/01/2033126,170 
Mountain JV120,784 3.10%Fixed06/01/203543,871 
Mountain JV133,817 2.95%Fixed01/01/203693,533 
Mountain JV139,031 4.27%Fixed11/01/2037104,474 
Mountain JV143,606 3.25%Fixed01/01/2038107,217 
Total / weighted average4,214,036 5.43%$4,495,903 
Unamortized debt issuance costs(20,842)
Total indebtedness, net$4,193,194 
(1)Interest rate reflects the impact of interest rate caps, if any.
Schedule of Weighted Average Interest Rate Under Floating Rate Loans
The weighted average interest rates under our floating rate loans for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
ILPT Floating Rate Loan (1)
—%6.71%—%6.71%
Mountain Floating Rate Loan (2)
6.06%5.87%5.99%5.84%
(1)In June 2025, we repaid in full the ILPT Floating Rate Loan using proceeds from our $1,160,000 mortgage loan and cash on hand. Reflects the impact of interest rate caps which, prior to the repayment, had a SOFR strike rate equal to 2.78% that replaced the previous strike rate equal to 2.25% in October 2024.
(2)In May 2026, our consolidated joint venture repaid in full the Mountain Floating Rate Loan using proceeds from its $1,620,000 mortgage loan. Reflects the impact of interest rate caps which, prior to the repayment, had a SOFR strike rate equal to 3.29% that replaced the previous strike rate equal to 3.10% in March 2026.
Schedule of the Principal Payments Due Under the Outstanding Debt
The required principal payments due during the next five years and thereafter under all our outstanding debt as of June 30, 2026 are as follows:
Principal
Payment
2026$— 
2027— 
2028— 
2029650,000 
20301,251,000 
Thereafter2,320,000 
Total$4,221,000